Dollar Glut Hits Forex Market as Naira Strengthens to N363/$ quoting : "thisdaylive"

Forex Market Review (Asian Session) – Aussie swings from gains to losses on Australian retail sales and Chinese data; oil rebounds after APIFacebook Google Plus TweetThe Australian dollar had a choppy session after domestic and Chinese data. It reversed gains on disappointing Chinese manufacturing PMI data, which took the currency down to its lowest level since May 12 at $0.7383. Japan also released manufacturing PMI data which printed a reading of 53.1 in June versus the previous 52.0. UK manufacturing PMI data will be in focus later today. Eurozone manufacturing PMI data will be watched today.


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The latest gain recorded on the forex market shows a gradual move towards rate convergence in the forex market, which is the target of the apex bank. The CBN has injected about $5 billion into the forex market since February, in a bid to ensure stability in the forex market. Also, the buy rate of the greenback closed at N369 to the dollar yesterday, stronger than the N382 to the dollar it was previously. This week, it injected $482.6 million into the market. By Obinna ChimaThe impact of the sustained dollar supply by the Central Bank of Nigeria (CBN) has continued to have positive effect on the foreign exchange (forex) market as the sell side of the Naira exchange rate against the Dollar appreciated significantly by N12, to close at N363/$ on the parallel market yesterday, as against the N375/$ it was the previous day.


collected by :John Miller

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